The Nifty Index opened positive and went on to touch a fresh life high of 25,611 zones but witnessed a steep fall of 235 points from its highs. It took support near 25,375 zones and witnessed a range bound move in the second half. It formed a small bodied bearish candle on the daily frame and wiped off most of its intraday gains.
Now it has to hold above 25,350 zones for an up move towards 25,600, then 25,750 zones whereas supports are placed at 25,350, then 25,250 zones.
On option front, the Maximum Call OI is at 26,000, then 25,500 strike while the Maximum Put OI is at 25,000, then 24,500 strike. Call writing is seen at 25,500, then 26,000 strike while Put writing is seen at 25,500, then 24,700 strike. Option data suggests a broader trading range in between 25,000 to 25,900 zones while an immediate range between 25,300 to 25,700 levels.
The Bank Nifty Index opened on a strong note and extended the momentum towards 53,353 marks in the initial hour of the session. Later on, some profit booking was seen from higher zones but the Index remained consolidative in a narrow range of 200 points with overall positive bias.
It formed a small bullish candle on daily scale and structure of higher lows is intact from the last six sessions.
Now it has to hold above 52,750 zones for an up move towards its previous life high of 53,357 marks, then 53,750 zones while on the downside, support shifts higher at 52,750, then 52,500 levels.
The Fin Nifty Index opened on a positive note and hit a fresh all-time high of 24,584 in its opening trade, however, it witnessed some profit booking from higher zones and tested the 24,300 zone but managed to close with modest gains.
It formed a Doji candle on the daily scale but it continued the higher lows sequence of the last six trading sessions. Now it has to hold above 24,300 zones for an up-move towards 24,550 then 24,700 levels while support is seen at 24,300 then 24,200 zones.
Nifty future closed positive with gains of 0.43 per cent at 25,506 levels. Positive setup in UBL, AU Bank, Jublfood, ICICIGI, Oberoirlty, SBI Card, Nestleind, Kotakbank, Voltas, Titan, Dabur, MFSL and Bajaj Auto while weakness in Idea, Chamblefert, Industower, HAL, BPCL, GAIL, BEL, Lauruslabs, OFSS, BHEL, Polycab, REC, Petronet, Zyduslife.
VOLTAS - TECHNICAL CALL OF THE DAY
Stock is in strong uptrend and holding gains at higher zones. It has negated lower highs-lower lows after three trading sessions and formed a strong bullish candle on daily chart.
The MACD Indicator is headed up which confirms the bullish momentum.
Buy VOLTAS CMP 1929 SL 1880 TGT 2020
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